State-owned telco Mahanagar Telephone Nigam Limited (MTNL) has reported a net loss of INR7.37 billion (USD91 million) for the three months to end-September 2022, widening from a loss of INR6.53 billion in the same period of 2021. Revenue for the quarter was just INR2.20 billion, down from INR2.88 billion a year earlier, whilst total expenses widened from INR10.61 billion to INR10.94 billion, with finance costs making up the lion’s share of the total (INR5.81 billion in the period under review).
Separately, meanwhile, sister company Bharat Sanchar Nigam Limited (BSNL) has reportedly entered an agreement with MSTC to auction 13 properties via its online portal, the Economic Times writes. The sales form part of the company’s asset monetisation scheme to reverse the loss-making telco’s fortunes. The sales comprise surplus land and building properties in locations across five states.